Neurocrine shares fall; quarterly result swings to a loss

SAN FRANCISCO (MarketWatch) -- Neurocrine Biosciences Inc.
NBIX, +1.01%
shares fell 22% to $8.60 in after-hours trading Thursday. The biopharmaceutical concern said it swung to a third-quarter net loss, as revenue plummeted from last year's result that included a $50 million milestone payment, of $39.1 million, or $1.03 a share. During the same period in the prior year, net income was $26.2 million, or 68 cents a share. Analysts polled by Thomson First Call had expected a per-share loss of 91 cents. Neurocrine said quarterly revenue fell to $1.07 million from $64.7 million in the prior year, while analysts had expected $3 million. Also Thursday, Neurocrine said the Food and Drug Administration has requested further analyses and modifications of analyses previously submitted on indiplon capsules to treat insomnia. The company said it has elected to conduct an additional 3-month safety and efficacy study to supplement the reanalysis and provide additional support for the resubmission, targeted for the summer 2008.

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